MGM Pulls a GM, Files For Bankruptcy
Metro-Goldwyn-Mayer, the iconic movie studio responsible for the James Bond franchise as well as Van Wilder 2: The Rise of Taj, has filed for Chapter 11 bankruptcy. The company, which was pressured into filing by investor Carl Icahn, is seeking a 30-day reorganization period in which to pay its creditors.
As part of the reorganization, Spyglass Entertainment will take over management of MGM. Also, company mascot, Leo the Lion, will be euthanized as a cost-cutting measure, and his meat will be sold to the Chinese, who consider lion flesh to be an aphrodisiac. (Vulture)